HELP! Will I be overdrawn?

Question

I just got a checking account and check card and right now I want to buy some stuff online. When I went online to check how much money is in my account, US Bank shows my account balance and my available balance. I have enough for what I want in my account, but not enough in the "available balance." That might be because I deposited my paycheck Saturday and they haven't verified it yet. But, tonight can I use my check card to purchase the things I want online even though the total is more than the "available balance?" Or, will I be overdrawn?

Answer 1

Well, you should absolutely wait until your check clears.

Want to know what happened to me?

I had a 1024 dollar paycheck. I already had around 1200 dollars exactly in there.

I was re-doing my bathroom in my house, and I was buying things and spent 1,927 dollars and some change. See, I thought my check had cleared. WRONG.

I was charged a 39 dollar over-drawn fee, just because my bank wanted to hold my paycheck for a few days.

This was actually just 2 weeks ago, too.

So, wait until your paycheck clears, you will be happy you did.

First answer has a point, but SOME banks allow charges to go through, even if you don't have enough money in the bank.

Answer 2

I'm pretty sure you can't overdraw with a check / credit card.  Your available balance is the available balance.  Your card would be rejected at the point of sale before the check clears.

Answer 3

If the check was deposited but not 'cleared' then the funds are not available. The money is placed on a 'hold' until the check is verified and money is withdrawn from the employers account and transferred to your account.

Wait it out until the funds available are greater than the amount you wish to spend. Besides, do you REALLY need to buy whatever it is you want RIGHT now?

To the first poster, you can overdraft your account using a check or a check card. Generally speaking, check card transactions occur instantly. If the money in the account is less than the amount that is being spent, it'll be over drafted.